As global computing power competition intensifies, China's GPU industry is witnessing a historic collective breakthrough. Following Moore Thread's listing with a market cap exceeding 300 billion yuan on the STAR Market, BIREN TECH has passed the Hong Kong Stock Exchange hearing while MetaX and Tianshu Zhixin are preparing their IPOs—completing the quartet of domestic GPU leaders entering capital markets.
Though operating in the same sector, these companies demonstrate distinct strategies: from platform-based full-stack ecosystems to quarter-focused profitability and national computing hub partnerships. Each firm is carving unique market niches.
**Tianshu Zhixin: First-Mover Advantage with Dual Product Lines** As China's earliest general-purpose GPU designer, Tianshu Zhixin leveraged its first-mover position in mass production to establish supply chain stability. Its Tiankai (training) and Zhikai (inference) product lines have shipped over 53,000 units, driving revenue to 324 million yuan in H1 2025—surpassing its full-year 2023 performance. Client concentration dropped sharply from 94.2% to 38.6% among top five customers since 2022, reflecting broadening market acceptance.
**Moore Thread: Ecosystem-Centric Platform Play** The STAR Market newcomer commands a 300+ billion yuan valuation for its MUSA architecture GPUs that simultaneously handle AI, graphics, and scientific computing. Its MTT S80 GPU approaches NVIDIA RTX3060 performance, with five AI clusters sold in H1 2025. Though unprofitable, projected 240% revenue growth to 1.5 billion yuan in 2025 and 70% gross margins signal strong potential.
**BIREN TECH: State-Backed Infrastructure Specialist** Poised to become Hong Kong's first domestic GPU listing, BIREN TECH recorded 2,500% CAGR revenue growth to 337 million yuan in 2024. Backed by Shanghai State-Owned Capital and others, it specializes in 1,000-GPU clusters and Chiplet technology, having delivered a 180 million yuan telecom operator project. Its rapid adaptation to models like DeepSeek strengthens its position as core infrastructure provider.
**MetaX: First to Quarterly Profitability** The AMD-alumni-led firm achieved a 466 million yuan Q2 2025 profit—the first among peers—after its shares surged 568% on debut. With three product lines covering AI/general computing and graphics, MetaX expects 2025 revenue to exceed 1.5 billion yuan. Its Xi Cloud C700 chip targets NVIDIA H100 performance, while cumulative GPU sales surpassed 25,000 units deployed across national computing platforms.
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